bidding on a fannie mae property

[Faith Ross]

hello,

A little advice, please. I'm very interested in a fannie mae homepath property and it's listed at 79,900. It has a beautiful floor plan but needs tons of repairs. I bet homes in that area sell for 130-140k.  The home may need a roof, foundation work, new sheetrock inside, needs new flooring, paint, possible termites or old termite damage, huge expensive trees cut down...

I want to bid 40k. Insane? Possible?  It's been on the market 68 days. Of 40 is insane, what's a logical bid?